On this date in 1787, the Constitutional Convention wrapped up in Philadelphia with the delegates accepting the document and sending it on to the states for ratification. Less than two years later, the new U.S. government had to take out a loan. This week in 1789, Treasury Secretary Alexander Hamilton was in negotiations to borrow nearly $192,000 from the Bank of New York and the Bank of North America. The money was needed to pay the salaries of President Washington and the members of the first Congress. The loan was obtained in February 1790 and paid off in June. Today, the president’s salary is $400,000 a year — more than twice the amount of the first loan — and the debt of the 50 united state governments is around $1.15 trillion. Profile America is in its17th year as a public service of the U.S. Census Bureau.
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In other words, our country has been in debt over 224 years, with no relief in sight.
No, we haven’t always been in debt! Just now no one cares or thinks it could ever impact their own little life. When I hear a comment from any supposed to be intelligent economist about the recovering economy, makes me wonder if their degree is from a Cracker Jack box. There can be no recovery with the country spiraling into more debt every day. The American economy is a ticking time bomb. Read George Washington’s fairwell address, it is very inspiring and deals with the subject of national debt, it mattered to him!